Some storage modules, such as a solid-state drive (SSD), contains a plurality of memory dies (e.g., in a multi-die package) that can be read or written in parallel. Such storage modules typically have a maximum power threshold that limits the number of operations that can be executed at any given time. When the actual power consumption is nearing the maximum power threshold, a controller in the storage module can withhold a new operation (e.g., a transfer across the NAND interface and/or a write operation) as to not exceed the limit. Ideally, the actual power consumed in the storage module is equal to the maximum power consumption limit. However, because different operations can consume different amounts of power, the actual power consumed when throttling operations in this way is often less than the maximum power consumption, resulting in inefficient power utilization.